PR Newswire | Aug 6, 2020 06:57PM EDT

6.00% Series B Participating Preferred Stock

08/06 17:56 CDT

Farmland Partners Inc. Announces Farmland Value Appreciation Amount for its 6.00% Series B Participating Preferred Stock DENVER, Aug. 6, 2020

DENVER, Aug. 6, 2020 /PRNewswire/ -- Farmland Partners Inc. (NYSE:FPI) (the "Company") today posted the Cumulative Farmland Value Appreciation ("FVA"), the FVA Factor, and the FVA Amount as updated for 2020, as those terms are defined in the final prospectus for the Company's 6.00% Series B Participating Preferred Stock (NYSE:FPIPRB) ("Series B Preferred Stock").

The FVA Factor and FVA Amount were calculated using data contained in the Land Values 2020 Summary, which was released today by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, United States Department of Agriculture (USDA). The report is available via the following link: http://release.nass.usda.gov/reports/land0820.pdf.

Based on the weighting of the Portfolio States established under the terms of the Series B Preferred Stock, Cumulative FVA for the period ending September 30, 2020 is 6.41%, resulting in an FVA Factor of 3.20% and an FVA Amount of $0.80.

The computation of these amounts appears at the end of this press release and will also be posted to the "Investor Relations" section of the Company's website.

About Farmland Partners Inc.

Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns approximately 156,500 acres in 16 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota and Virginia. We have approximately 26 crop types and over 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014.

Measurement of Aggregate FVA Amount Per 6% Series B Participating PreferredShare

2017 Land Values 2020 Land Values

Relative FVA Value Weighting Actual FVA Assigned Actual FVA Relative toPortfolio State Applied in Value (2) Baseline Value Value (3) August, 2017 Determining Baseline FVA (1)

Illinois 34.344% $7,300 100.0 $7,400 1.37%

California 19.265% $8,700 100.0 $10,000 14.94%

South Carolina 6.892% $3,000 100.0 $3,500 16.67%

North Carolina 6.695% $4,450 100.0 $4,670 4.94%

Colorado 6.318% $1,430 100.0 $1,590 11.19%

Arkansas 5.776% $3,180 100.0 $3,350 5.35%

Nebraska 4.292% $2,900 100.0 $2,790 -3.79%

Louisiana 4.275% $3,000 100.0 $3,160 5.33%

Florida 3.580% $5,700 100.0 $5,900 3.51%

Mississippi 2.037% $2,500 100.0 $2,820 12.80%

Georgia 1.923% $3,550 100.0 $3,500 -1.41%

Michigan 1.451% $4,800 100.0 $4,950 3.13%

Texas 0.855% $2,090 100.0 $2,170 3.83%

Virginia 0.752% $4,350 100.0 $4,620 6.21%

South Dakota 0.696% $2,180 100.0 $2,010 -7.80%

Kansas 0.484% $1,850 100.0 $1,900 2.70%

Alabama 0.365% $2,750 100.0 $3,150 14.55%

Cumulative FVA 6.41%

FVA Factor (50% of Cumulative FVA) 3.20%

FVA Amount $ 0.80

Based on the total unaudited book value of our properties in each Portfolio(1) State as of June 30, 2017. These will be the Weighting Factors for measurement of Cumulative FVA and the Premium Amount and will at no time change as it relates to the Series B Participating Preferred Stock.

Represents the 2017 Land Values as published in the 2017 Land Value Report(2) for each Portfolio State. Such values will remain constant for purposes of calculating the FVA Amount, notwithstanding any revisions to the 2017 Land Values in subsequent Land Value Reports.

Represents the 2020 Land Values as published in the 2020 Land Value Report(3) for each Portfolio State. Figures represent state-wide averages per the survey methodology, as defined in the final prospectus for the Company's 6.00% Series B Participating Preferred Stock.

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SOURCE Farmland Partners Inc.